Upstart (UPST) Q4 2025 earnings summary

Executive summary

• 2025 saw record profitable growth with $11.0B in originations (up 86% YoY) and $1.0B in revenue (up 64% YoY), while headcount rose only 18%.

• Net income for 2025 reached $54M (5% margin), a turnaround from a $129M loss in 2024, and adjusted EBITDA was $230M (22% margin).

• Leadership transition announced: Paul Gu to become CEO in May 2026, with expanded executive team.

• Significant market share gains in personal loans, and rapid expansion in auto and home products, each growing 5x in 2025.

• Loans on balance sheet reduced by 20% in Q4 2025, with most new originations funded by third parties.

Financial highlights

• Q4 2025: $3.2B in originations (+52% YoY), $296M revenue (+35% YoY), $19M net income (6% margin), and 455,788 loans originated (+86% YoY).

• Q4 2025 contribution margin: 53%; adjusted EBITDA: $64M (22% margin); Q4 GAAP EPS: $0.17 on 112M diluted shares.

• Full-year 2025: $1.04B revenue (+64% YoY), $53.6M net income, $230M adjusted EBITDA (22% margin), and 1,497,149 loans originated (+115% YoY).

• Q4 2025 fee revenue: $265M, up 30% YoY.

• Full-year contribution margin: 56%.

Outlook and guidance

• 2026 revenue guidance: ~$1.4B total, $1.3B fee revenue, 21% adjusted EBITDA margin.

• Targeting 35% compound annual growth rate through 2028, with terminal adjusted EBITDA margin of 25%.

• Transitioning to annual guidance only, discontinuing quarterly guidance from 2026.

• Expecting continued strong growth in personal loans and rapid scale-up in auto and home products.

• Monthly origination volumes to be published for increased transparency.